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Travis Perkins Understood To Be Searching For a New CEO

Travis Perkins lorry and sign 725 x 500

According to a report in The Times, Travis Perkins PLC has instructed headhunters to identify candidates for the CEO role.

John Carter, the incumbent CEO, has held the position since 2014 having worked for the business since 1978 when he joined as a management trainee.  During his tenure, he has seen the business expand through the purchase of Wickes and BSS, but Travis Perkins is now under pressure to cut costs and divest assets such as its plumbing and heating business, as announced at the start of December.

During the December Capital Markets Update, the company confirmed its intention to 'improve the performance of Wickes to create options to maximise value over the medium term', fueling speculation of a potential sale.

The update also stated that "the Board has concluded that the Group will focus on serving trade customers through advantaged businesses in attractive markets, and will simplify the Group to reduce complexity and cost to drive returns".

Shares in Travis Perkins dropped so dramatically in 2016 that it dropped out of the FTSE 100 index into the FTSE 250, citing Brexit uncertainty, a weak housing market and a notable decline in the consumer DIY market. 

The Times stated that at the end of last week shares had declined by over 30% since the beginning of 2018, with the company valuation sitting at £2.75bn.

Stuart Chambers, chairman of Travis Perkins, has ordered the search and current chief operating officer Tony Buffin is understood to be under consideration for the role. 

Source : Insight DIY 

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20 December 2018

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